Michael Corbat gets $13 million in pay for 2014, down from $14.5 million in 2013

Citigroup Inc. said Wednesday that it reduced its CEO’s 2014 pay because of the bank’s problems last year with the Federal Reserve stress test, its Mexico unit and the foreign-exchange business.

CEO Michael Corbat will be paid $13 million for last year, down about 10% from $14.5 million in 2013. The bank had disclosed Mr. Corbat’s estimated pay in a regulatory filing last month, but Wednesday’s filing marked the first time that Citigroup offered the reasoning for the reduction.